” Should You Use a Property Manager “

This question is highly important and will affect the way you move forward reading this guide. Will you manage the property yourself or hire a property manager to look after it? Generally, a property manager will charge approximately 10% of the monthly rent plus 50% of the first month’s rent when a new tenant moves in. A property manager will typically:

  • Advertise for new tenants
  • Sign Leases
  • Collect the rent
  • Keep track of finances
  • Schedule maintenance repairs
  • Issue legal notices
  • File evictions (you pay lawyer fees)

If you decide to manage the property yourself, instead, these are all duties you will need to do (or hire out individually) yourself. The decision of whether to manage yourself or hire a property manager cannot be made by anyone other than you. If you have the time, abilities, and energy to manage yourself – you can save a good deal of money by doing so. However, if you try to manage without the ability – it could end up costing you much more than what a property manager might charge.

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